Governor Paterson announces federal income tax credit for first-time buyers

By
Real Estate Agent with RealEstateSINY.com

The Governor of New York State has announced that New York will now offer a a federal income tax credit to first-time home buyers. It will allow first-time home buyers to claim a tax credit equal to 20% of their annual mortgage interest costs.  for example: if the annual mortgage interest payments is $15,000, 20% is $3000 which can be claimed as tax credit.

The past four months of increasing sales have proven the value of buyer incentives. This should keep our real estate market and economy moving forward. 

Posted by

On Your Team.

Irena Popilevsky

NYS Licensed Real Estate Broker/Owner

RealEstateSINY.com

(917) 579-4455

www.irenapopilevsky.com

Comments (1)

Nunzio Zappola
Prudential Douglas Elliman - Babylon, NY

Anything to help continue sells is a plus for the economy. We caculated that each sale in New york at least gets about 40 people work that is with every transaction so we are not just working to keep ourselves empolyed we are effecting many other people. Think about it in new york at least, other states the closing is easier and doesn't require that many people. We have a lot of requirements and hoops to jump over and thru to finally get to and than away from a closing table. Bring on more incentives, stimulate more sales, Keep the economy moving a least.  

Aug 15, 2009 07:23 AM

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